Bonds backing Freeport-McMoRan (NYSE: FCX) gapped wider this morning following an especially severe fallen-angel downgrade at Moody’s, to a senior unsecured rating of B1, from Baa3, and a resulting negative outlook.

The company’s recent efforts to maintain investment-grade ratings are evidently failing. Last March, FCX credit spreads rallied after the company slashed its quarterly dividend by 84% to $0.05 per share, from $0.3125 per share, after it in January postponed a previously stated debt-reduction target by 2016, which was intended to reduce debt from $19 billion at the end of 2014 to roughly $12 billion.

FCX placed $3 billion of notes on Nov. 10, 2014 backing that strategy, including funds for a cash tender offer for outstanding debt (total consideration was ultimately $1.26 billion), the prefunding of 2015 maturities, and the repayment of 7.625% notes due 2020 and bank debt.

It inked 4.55% 10-year notes due Nov. 14, 2024 at T+220 as part of the four-part offering, and the dividend cut facilitated a rally to T+315 on March 24, 2015, or 85 bps tighter than the widest post-pricing levels in late January 2015.

But, since that false dawn, the company’s outlook has steadily darkened. The 4.55% notes changed hands today, on average, at T+1,665, or roughly 200 bps wider on the day and 650 bps wider month to month, trade data show. The notes traded in a dollar-price context bracketing 40% of par.

Yesterday’s sharp Moody’s downgrade follows a ratings review initiated last June, due to expectations that copper and oil prices would leave FCX free cash flow “insufficient” to meet deleveraging targets, despite cost-containment efforts. “At this time no meaningful catalyst is seen that will improve the overall market dynamics given weak global growth rates and slowing demand in China,” Moody’s stated, noting that the company may also face ratings pressure as it faces “substantial” capital investment requirements for a planned copper smelter in Indonesia.

The company’s remaining ratings are also teetering on the cusp of fallen-angel downgrades. S&P maintains a negative outlook on the BBB– rating after a downward revision last September and a one-notch downgrade in February 2015. Fitch carries a negative outlook on its BBB– rating on FCX after a one-notch downgrade on Jan. 8 this year.

“The downgrade reflects the deterioration in FCX's debt protection metrics and increase in leverage as a result of the more precipitous drop in copper prices in 2015, particularly in the last six months of the year as well as the collapse in oil prices, with prices continuing to be pressured downward in 2016,” Moody’s stated late yesterday, citing expected year-end 2016 adjusted leverage of roughly 6x.